Coinbase Completes Deribit Integration, Opens Regulated Derivatives Access for US Institutions
Key Takeaways
- •Coinbase has finished integrating Deribit, merging its international derivatives business with the exchange and opening regulated access for eligible US customers.
- •Balances and positions held on Coinbase International Exchange were migrated to Deribit on Oct. 1.
- •US customers access Deribit's liquidity through Coinbase Financial Markets, enabled by CFTC guidance issued in May permitting connections to global derivatives markets.
- •US institutional clients can trade Deribit's options and perpetual futures through Coinbase Prime, with options there expected in the coming weeks, non-US retail options over the same period, and US retail access later this year.
- •Coinbase agreed in May 2025 to acquire Deribit for approximately $2.9 billion, one of the crypto industry's largest deals, and the Dubai-based exchange is widely recognized as the world's largest crypto options exchange by trading volume.
Coinbase has completed its integration of the crypto derivatives exchange Deribit, giving eligible US customers a regulated route into global crypto derivatives markets that have historically operated beyond their reach.
The exchange announced Wednesday that the integration combines its international derivatives business with Deribit while allowing eligible US customers to access that liquidity through Coinbase Financial Markets, the company's derivatives unit regulated by the Commodity Futures Trading Commission (CFTC), according to the official announcement (). Balances and positions on Coinbase International Exchange, the company's offshore derivatives venue, were migrated to Deribit on Oct. 1.
Crypto derivatives account for roughly 80% of global crypto trading volume, according to Coinbase, yet US traders have historically lacked a regulated path to the deeper options and perpetual futures markets available offshore. Options give holders the right, but not the obligation, to buy or sell an asset at a set price, while perpetual futures are derivatives without an expiry date. That began to change in May, when the CFTC issued guidance allowing Coinbase Financial Markets to connect US clients to global derivatives markets.
Coinbase said US institutional clients will be able to access Deribit's options and perpetual futures through Coinbase Prime and Coinbase Financial Markets. Previously, those clients typically needed offshore entities and separate trading infrastructure to reach the same markets.
Options through Coinbase Prime are expected to become available in the coming weeks. Coinbase also plans to introduce options for eligible non-US retail traders over the same period, followed by US retail access later this year.
Coinbase first agreed to acquire Deribit in May 2025 in a deal valued at approximately $2.9 billion, one of the largest acquisitions in the crypto industry, and completed the takeover later that year. Dubai-based Deribit is widely recognized as the world's largest crypto options exchange by trading volume.
